In the past 24 hours, Ethereum was down 2.8% to trade at $2,074 level. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid fell over 3% whereas Tron gained 0.15%.
Also Read | Sensex slips over 7% this year. Should mutual fund investors continue SIPs or hit pause?Vikram Subburaj, CEO, Giottus said this was a week in which geopolitics, ETF flows, and shifting rate-cut expectations all pulled at the market at once. Bitcoin was near $71,213 and had moved within an intraday band of roughly $70,460 to $73,514 leaving the market still below the recent breakout zone near $72,000-$74,000, but comfortably above the first key support cluster around $68,000-$69,000.Subburaj further said that the immediate trigger is the U.S. jobs report on March 6, followed by the March 17-18 FOMC meeting and the February PPI release on March 18. A general feeling is that sticky inflation, stronger labour market signals, and conflict-related oil risks are already pushing markets to price in further Fed easing. That matters for crypto because a higher-for-longer rate backdrop tends to cap risk appetite.
The global crypto market capitalisation edged down 2% to $2.41 trillion, according to CoinMarketCap.
Nischal Shetty, Founder, WazirX said Bitcoin is holding steady after the recent rally that lifted the total crypto market capitalization close to $2.5 trillion and the broader move suggests improving market confidence and a gradual return of buying interest across digital assets.In the past week, Bitcoin and Ethereum rose 4% respectively. Among the major altcoins, BNB, Solana, Tron, and Hyperliquid gained over 4% whereas XRP, Dogecoin, and Cardano fell over 8%.
Bitcoin’s move reflects improving short-term sentiment, largely driven by reduced selling pressure and recovering spot demand, especially from U.S. investors, rather than a clear start to a new bull cycle, said Riya Sehgal, Research Analyst, Delta Exchange.
Sehgal further said that overall, the market is likely to remain cautious, shaped by liquidity, institutional flows, and macro stability.
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What other analysts say
CoinDCX Research Team
The bears restricted the BTC price rally at $73,500 and pushed the prices lower, close to $71,000. This minor pullback has dragged the other altcoins, like Ethereum, XRP, etc., and a few more lower, but they continue to defend their respective support zones. The overall market sentiments continue to remain under fear.